Financial Crime World

Compliance Risk Management in Barbados: A Critical Component of Financial Stability

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Barbados has made significant strides in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, as evidenced by its recent removal from the Financial Action Task Force’s (FATF) Grey List. This achievement is a testament to the country’s commitment to compliance risk management, a critical component of financial stability.

The Compliance Unit: A Leading Force in AML/CFT Regulation

The Compliance Unit, responsible for overseeing Barbados’ AML/CFT regime, has been at the forefront of efforts to strengthen the country’s defenses against money laundering and terrorist financing. In recent years, the unit has implemented various initiatives aimed at enhancing compliance among designated non-financial businesses and professions (DNFBPs) in the sector.

Sectoral Risk Assessment Findings

The latest development in this regard is the release of sectoral risk assessment findings by the Compliance Unit. The report highlights areas of high-risk activity within the DNFBP sector, providing valuable insights for industry stakeholders to refine their compliance strategies.

Barbados’ Removal from the FATF Grey List: A Significant Milestone

Barbados’ removal from the FATF Grey List is a significant milestone, demonstrating the country’s ability to meet international standards for AML/CFT regulation. This achievement has been praised by Chairman of the Anti-Money Laundering Network and President of the Senate, The Most Honourable Reginald Farley.

Ongoing Efforts: Strengthening Compliance and Promoting Collaboration

The Compliance Unit is committed to ensuring that Barbados remains a compliant jurisdiction, and will continue to work closely with industry stakeholders to ensure that DNFBPs meet their obligations under the AML/CFT regime. To this end, the unit has scheduled:

  • Regional Conference: October 17-18, 2024 - Focus on protecting the vision of a fully compliant AML network in the Caribbean.
  • Outreach Session: June 12, 2024 - Hosted at Courtyard by Marriott, providing industry stakeholders with valuable insights on best practices for AML/CFT compliance.

In addition to its efforts to strengthen compliance among DNFBPs, the Compliance Unit is also working to promote collaboration between legal and real estate professionals. This includes:

  • Outreach Session: June 12, 2024 - Providing industry stakeholders with valuable insights on best practices for AML/CFT compliance.

Conclusion

The Compliance Unit’s commitment to ensuring that Barbados remains a compliant jurisdiction is unwavering. For more information on upcoming events and training sessions, please visit the Action Center section of this website.